California Is Considering Criminal Charges Against Wells Fargo

Even after the resignation of CEO John Stumpf, the Wells Fargo phony account scandal seems far from over.

The California Attorney General's Office has launched a criminal investigation into Wells Fargo (wfc) over allegations it opened millions of unauthorized customer accounts and credit cards, according to a seizure warrant seen by Reuters.

In it, Attorney General Kamala Harris says she authorized a seizure warrant against the bank seeking customer records and other documents. Harris said there is probable cause to believe the bank committed felonies. It is very rare for banks and financial firms to be charged with criminal conduct. Some have worried that a criminal indictment, because of debt covenants, could put a bank out of business.